Experiential Luxury

In 2020, after seeing strong growth rates during most of the review period, experiential luxury turned to double-digit current value decline. Interprovincial and international travel were banned by the South African government as part of the COVID-19…

Experiential luxury has seen a dramatic current value decline in 2020, after several years of solid growth. With India under complete nationwide lockdown due to COVID-19 from 25 March 2020 until the end of May, and continued regional restrictions…

The closure of Malaysian borders to foreigners beginning on 17 March had a negative effect on experiential luxury in 2020. Due to these strict regulations, Malaysia experienced a strong dip in international tourist arrivals, which typically provide…

The impact of COVID-19 was not as severe in South Korea for most luxury goods, but experiential luxury suffered due to the sharp decline in the number of tourists visiting the country. According to Korea Tourism Organization, the number of inbound…

In the first half of 2020, the COVID-19 pandemic brought economies and travel and tourism to a standstill, moving east from China and Asia Pacific, spreading to Europe and the Americas to effect over 180 countries worldwide, ushering in travel bans,…

The travel restrictions imposed by the government from March 2020 suspended inbound tourism. The year saw the first time that no tourists had visited Hong Kong from Mainland China during the 1 May Golden Week. This had a marked impact across the…

Among all luxury goods categories, experiential luxury was the worst affected, in value terms, by the outbreak of COVID-19 in Canada in 2020. The global halt in travel and the collapse in tourism in Canada in the year had a severe impact on…

In 2020, the experiential luxury segment is set to be hit extremely hard by the fallout from COVID-19. Experiential luxury in Switzerland depends to a great extent on tourism and the country’s status as an international business destination. The bans…

Unlike most other countries, Sweden did not implement a strict lockdown, except for a ban on gatherings of more than 50 people that was introduced on 29 March (except for schools and workplaces). The Swedish government relied instead on the good…

The value sales declines recorded in experiential luxury as the COVID-19 pandemic took hold over the course of 2020 were among the most severe seen across the entire Indonesian luxury goods industry. One of the main factors behind this very…

Experiential luxury had performed well in 2019, with strong double-digit retail value growth. Much of the growth was driven by millennials spending more on experiences rather than possessions, a global trend, often driven by the desire of these…

Experiential luxury in Japan was heavily impacted by store closures under the state of emergency in April and May as well as long-term border closures. In April and May, consumers were requested to avoid unnecessary outings with consumer footfall…

Experiential luxury is one of the most drastically impacted industries within luxury goods in Taiwan, as current value sales plummet. Although the Taiwanese government has not implemented a lockdown, many hotels have been forced to close due to…

In 2020, experiential luxury recorded a significant decline, moving from negative growth of 1% in 2019 to a double-digit decline of 27% in 2020. This result is the consequence of a lack of international travellers and holidaymakers, partnered with…

Initially, experiential luxury was expected to outperform other categories in luxury goods in 2020. As the world was hit by the unforeseeable global COVID-19 pandemic, however, experiential luxury did not manage to meet this expectation. As such,…

From mid-March 2020, not only did hotels and restaurants close, but there were also no internal or external flights permitted, resulting in tourism in the country during the quarantine being effectively nil. In Argentina, the tourism industry was the…

Experiential luxury was one of the areas of luxury goods to be hardest hit by the COVID-19 pandemic in 2020, with luxury travel among the worst affected areas. The pandemic led to severely reduced consumer confidence and demand, and massively…

The emergence of the COVID-19 pandemic in early 2020 created a dramatic fall in demand, affecting the entire tourism industry with the closure of borders. According to a survey by the Dutch news agency NOS, 50% of Dutch people expressed their…

As in other luxury goods categories, experiential luxury suffered severe sales declines over the course of 2020 as the COVID-19 crisis substantially undermined demand. The most important factor impacting demand in the category was the closure of…

Despite Spain recording a new record high in the number of tourists welcomed to the country in 2019, the COVID-19 pandemic disrupted the booming tourist industry in Spain. Global travel restrictions and the closure of tourist attractions in the…